SBA Loan from Banco Santander Puerto Rico Helps Wood Product Manufacturing Company

Banco Santander Puerto Rico is a source for SBA loans that have lower down payments and longer repayment terms than many other financing options. To help you understand SBA loans, we've featured one entrepreneur who tapped into the power of SBA loans.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Moca, was able to borrow $85,500 from Banco Santander Puerto Rico. The SBA made the loan possible by guaranteeing $72,675 of this small business loan.

SBA Loan Borrower

COMPANY TYPE: WOOD PRODUCT MANUFACTURING
MOCA, PR 00676

SBA Loan Lender

BANCO SANTANDER PUERTO RICO
AVE PONCE DE LEON 207
HATO REY, PR 00918

This was a LowDoc (Low Documentation Loan Program). LowDoc is one of the SBA's most popular programs because there is a simple, one-page SBA application form and rapid turnaround on loan approvals.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

321999 - Wood Product Manufacturing

Loan Approval Date

4/27/2004

Loan Approval Gross Amount

$85,500

Loan Approval from the SBA

Of the total $85,500 loan amount, the SBA guaranteed $72,675.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 6 employees. The loan application did not indicate that the SBA funding recipient planned to use the loan proceeds to increase staffing levels or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans can help growing businesses purchase or renovate real estate, acquire fixed assets such as heavy machinery or specialized equipment, borrow working capital for ongoing financing needs, or fund the acquisition of new businesses.

If you need to find money for a business, the SBA has special programs for you. We've put a spotlight on this loan from Banco Santander Puerto Rico so you can get a feel for how SBA loans work. Applying for an SBA loan starts with a visit to a banker that works with the SBA.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

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